Syria mints new coin to boost economy
Jan 16, 2019
While South Korea tries to phase out coins, Syria goes in the opposite direction, minting a new coin to boost economic activity in local markets.
History has shown how in times of turmoil, people always turn to cash and the crisis in Syria is no exception.
Although the £S50 note is worth only US$3.90, inflation rates that followed international sanctions has placed a strain on the banknote's life-cycle, thus inspiring the central bank to produce the banknote's metallic counterpart.
“His move is designed to allow the people to use it as a coin and cut costs given that, unlike the banknotes, the coin’s lifespan exceeds 25 years.”
Mohammad al-Bakour,Member of Syndicate of EconomisTS (Aleppo branch)As quoted by Al-Monitor, (16 Jan 2019)
The central bank's issuance of the new 50-pound metal coin could generate positive consequences in the Syrian street in both regime- and Free Syrian Army-held areas, given the coins' likely heavy circulation because so many 50-pound banknotes have worn out and thus are rarely found on the market.
Last Updated: Jan 12, 2024